The Davis Index for brass scrap increased by another 3-6¢/lb for some grades on Friday in a week where exchange markets gained and then gave back approximately 6¢/lb. The two-week bullish run on the Comex started at $2.38/lb and closed at $2.60/lb on Friday.
The weekly Davis Index for 360-rod borings increased by 5¢/lb to $1.77/lb delivered US consumers on more activity for scrap purchases and increased by 6.5¢/lb for brass radiators to $1.60/lb delivered. The index for red brass (85:15) solids rose by 6¢/lb for to $2.24/lb, delivered US consumers.
The weekly Davis Index for the C-200 series alloy copper spread was tighter by 2.1¢/lb at 7.5¢/lb under the Comex spot contract, while the C-200 series zinc spread was flat at 3.3¢/lb under the LME zinc spot contract.
The Comex cash copper contract was higher by 5¢/lb at $2.60/lb on Friday up from $2.55/lb on June 5, while the spot LME zinc official contract decreased by $47.5/mt on Friday to $1,991/mt from $2038.5/mt on June 5.
Market participants have welcomed the small increase in business as the economy restarts but believe that long-term growth will need a more robust catalyst in the form of an infrastructure stimulus package from the US government.